– Sat’day, at the annual Forex meeting, min. Tremonti strategically innovated language; now, besides toxic there are radioactive financial products as well; they are riskier, but easier to detect if you want to (we decode so, the language creativity of the Minister so friendly with banks);

– Sunday in Berlin, the European summit confirmed that, as G20 started being useless at its 1st meeting last Nov. (see our post at the time), it will carry on even worst than that. First of all, they took an infinite list of engagements by March, we wonder what they are up to (perhaps they just delegated everything to the already established international committee coordinated by Mr Draghi – that’s the 1st reason why G20 is useless).

2nd: they don’t answer the FAQs. As prof. Masciandaro put it at “Focus Economia” (radio24) on Monday the 23rd:

FAQ 1. What is bank and what is not (the spread of shadow finance under a savage deregulation regime, allowing reguated banks to hide their risky biznezz in the shadow).

FAQ 2. Wh’happens when a bank becomes a State or para-State institution? The issue of credit becoming a field invaded by political imperfect competition, with its fights and retaliations.

FAQ 3. Wh’happens to the entire, multi-authority commercial credit-finance-insurance control system, as the controller (State) becomes also the controlled instance (State Bank)? The required controlling agencies-system change, in order to guarantee, and re-establish independence of control.

alphaville

Overnight markets: Weak start
Posted by Gwen Robinson on Feb 23 04:10.
Asian stocks were mixed on Monday, although technology and finance companies rose largely on speculation that the US government will raise its stake in Citigroup to ease the global financial crisis. Futures on the US S&P500 Index rallied 1.2% following the Citi news, after the index dropped 1.1% on Friday.
Asian markets (Mon)
04:10am GMT
Nikkei down 51.49 (-0.69%) to 7,364.89
Topix down 8.41 (-1.14%) 731.12
Hang Seng down 230.27 (1.81%) at 12,929.44

Feb. 23 (Bloomberg) — Asian stocks and U.S. futures rose on optimism that the U.S. government will raise its stake in Citigroup Inc., reducing the risk of bank failures. Treasuries and the dollar fell.

Tokyo Falls on SFCG Bankruptcy; U.S. Futures Gain on Citigroup

SINGAPORE — Asian share markets were mixed Monday with the Nikkei lower as financial services company SFCG filed for bankruptcy protection, and some other indexes higher on hopes the U.S. government would secure the future of Citigroup.

U.S. stock futures rose 1% and Treasurys fell after people familiar said that Citigroup was in talks that could result in the U.S. government substantially expanding its ownership of the bank.

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